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Finance Receivables (Tables) | 12 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Schedule of finance receivables consisting of automobile finance installment Contracts and Direct Loans | Contracts and Direct Loans included in finance receivables are detailed as follows as of fiscal years ended March 31:
|  | (In thousands) |
|  | 2020 |  |  | 2019 |
Finance receivables |  | $ | 219,366 |  |  | $ | 228,994 |
Accrued interest receivable |  |  | 3,164 |  |  |  | 2,889 |
Unearned dealer discounts |  |  | (8,056 | ) |  |  | (10,083 | )
Unearned insurance and fee commissions |  |  | (2,616 | ) |  |  | (2,826 | )
Purchase price discount |  |  | (915 | ) |  |  | - |
Finance receivables, net of unearned |  |  | 210,943 |  |  |  | 218,974 |
Allowance for credit losses |  |  | (11,162 | ) |  |  | (16,932 | )
Finance receivables, net |  | $ | 199,781 |  |  | $ | 202,042 |
Schedule of activity in allowance for credit losses | The following presents the activity in our allowance for credit losses, shown below and on the next page:
|  | For the year ended March 31, 2020 |
|  | (In thousands) |
|  | Indirect |  |  | Direct |  |  | Total |
Balance at beginning of year |  | $ | 16,575 |  |  | $ | 357 |  |  | $ | 16,932 |
Provision for credit losses |  |  | 16,096 |  |  |  | 805 |  |  |  | 16,901 |
Charge-offs |  |  | (29,174 | ) |  |  | (663 | ) |  |  | (29,837 | )
Recoveries* |  |  | 6,936 |  |  |  | 230 |  |  |  | 7,166 |
Balance at end of year |  | $ | 10,433 |  |  | $ | 729 |  |  | $ | 11,162 |
*For the year ended March 31, 2020, the Company completed bulk sales of charge-off accounts, which included $1.6 million of bankruptcy accounts and $0.1 million of non-performing accounts. |
|  | For the year ended March 31, 2019 |
|  | (In thousands) |
|  | Indirect |  |  | Direct |  |  | Total |
Balance at beginning of year |  | $ | 19,433 |  |  | $ | 833 |  |  | $ | 20,266 |
Provision for credit losses |  |  | 32,715 |  |  |  | 121 |  |  |  | 32,836 |
Charge-offs |  |  | (37,514 | ) |  |  | (638 | ) |  |  | (38,152 | )
Recoveries |  |  | 1,941 |  |  |  | 41 |  |  |  | 1,982 |
Balance at end of year |  | $ | 16,575 |  |  | $ | 357 |  |  | $ | 16,932 |
Schedule of an assessment of the credit quality by creditworthiness | The following table is an assessment of the credit quality by creditworthiness as of March 31:
|  | (In thousands) |
|  | 2020 |  |  | 2019 |
|  | Contracts |  |  | Direct Loans |  |  | Total |  |  | Contracts |  |  | Direct Loans |  |  | Total |
Performing accounts |  | $ | 201,045 |  |  | $ | 11,649 |  |  | $ | 212,694 |  |  | $ | 213,542 |  |  | $ | 7,889 |  |  | $ | 221,431 |
Non-performing accounts |  |  | 6,202 |  |  |  | 195 |  |  |  | 6,397 |  |  |  | 7,453 |  |  |  | 110 |  |  |  | 7,563 |
Total |  |  | 207,247 |  |  |  | 11,844 |  |  |  | 219,091 |  |  |  | 220,995 |  |  |  | 7,999 |  |  |  | 228,994 |
Chapter 13 bankruptcy |  |  | 274 |  |  |  | 1 |  |  |  | 275 |  |  |  | - |  |  |  | - |  |  |  | - |
Finance receivables |  | $ | 207,521 |  |  | $ | 11,845 |  |  | $ | 219,366 |  |  | $ | 220,995 |  |  | $ | 7,999 |  |  | $ | 228,994 |
Schedule of information regarding delinquency rates | The following tables present certain information regarding the delinquency rates experienced by the Company with respect to Contracts and Direct Loans, excluding any Chapter 13 bankruptcy accounts:
|  | (In thousands) |
Contracts |  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 –89 days |  |  | 90-119 days |  |  | 120+ days |  |  | Total |
March 31, 2020 |  | $ | 207,247 |  |  | $ | 14,977 |  |  | $ | 4,290 |  |  | $ | 1,893 |  |  | $ | 19 |  |  | $ | 21,179 |
|  |  |  |  |  |  | 7.23 | % |  |  | 2.07 | % |  |  | 0.91 | % |  |  | 0.01 | % |  |  | 10.22 | %
March 31, 2019 |  | $ | 220,995 |  |  | $ | 14,897 |  |  | $ | 5,155 |  |  | $ | 2,288 |  |  | $ | 10 |  |  | $ | 22,350 |
|  |  |  |  |  |  | 6.74 | % |  |  | 2.33 | % |  |  | 1.04 | % |  |  | 0.00 | % |  |  | 10.11 | %
Direct Loans |  | Balance Outstanding |  |  | 30 – 59 days |  |  | 60 –89 days |  |  | 90-119 days |  |  | 120+ days |  |  | Total |
March 31, 2020 |  | $ | 11,844 |  |  | $ | 344 |  |  | $ | 136 |  |  | $ | 59 |  |  |  | — |  |  | $ | 539 |
|  |  |  |  |  |  | 2.90 | % |  |  | 1.15 | % |  |  | 0.50 | % |  |  | 0.00 | % |  |  | 4.55 | %
March 31, 2019 |  | $ | 7,999 |  |  | $ | 197 |  |  | $ | 79 |  |  | $ | 31 |  |  | $ | - |  |  | $ | 307 |
|  |  |  |  |  |  | 2.46 | % |  |  | 0.99 | % |  |  | 0.39 | % |  |  | 0.00 | % |  |  | 3.84 | %

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=119407570&loc=SL82919230-210447 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=118936363&loc=SL6953659-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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